Grant Smith Law Practice Limited - Accounts to registrar (filleted) - small 18.1
Grant Smith Law Practice Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 July 2017 |
| for |
| Grant Smith Law Practice Limited |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Report of the Accountants | 10 |
| Grant Smith Law Practice Limited |
| Company Information |
| for the Year Ended 31 July 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Victoria House |
| 13 Victoria Street |
| ABERDEEN |
| AB10 1XB |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Balance Sheet |
| 31 July 2017 |
| 31.7.17 | 31.7.16 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
8 |
( |
) |
( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Balance Sheet - continued |
| 31 July 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2017 |
| 1. | STATUTORY INFORMATION |
| Grant Smith Law Practice Limited is a |
| registered in Scotland. The company's registered number and registered |
| office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts receivable for services rendered during the |
| year, exclusive of value added tax. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial |
| recognition, intangible assets are measured at cost less any accumulated |
| amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate |
| surplus or deficit arising from changes in fair value is recognised in |
| profit or loss. |
| Investment properties are not depreciated and are valued at open-market |
| value. This represents a departure from the Companies Act 2006 necessary |
| to give a true and fair view. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised |
| in the Income Statement, except to the extent that it relates to items |
| recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates |
| and laws that have been enacted or substantively enacted by the balance |
| sheet date. |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have |
| originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax |
| assessments in periods different from those in which they are recognised in |
| financial statements. Deferred tax is measured using tax rates and laws |
| that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to |
| the extent that it is probable that they will be recovered against the |
| reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a |
| straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions |
| payable to the company's pension scheme are charged to profit or loss in |
| the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 August 2016 |
| and 31 July 2017 |
| AMORTISATION |
| At 1 August 2016 |
| and 31 July 2017 |
| NET BOOK VALUE |
| At 31 July 2017 |
| At 31 July 2016 |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | and | Computer |
| property | property | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 August 2016 |
| Additions |
| At 31 July 2017 |
| DEPRECIATION |
| At 1 August 2016 |
| Charge for year |
| At 31 July 2017 |
| NET BOOK VALUE |
| At 31 July 2017 |
| At 31 July 2016 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2016 |
| Impairments | (20,000 | ) |
| At 31 July 2017 |
| NET BOOK VALUE |
| At 31 July 2017 |
| At 31 July 2016 |
| Fair value at 31 July 2017 is represented by: |
| £ |
| Valuation in 2007 | 77,392 |
| Valuation in 2017 | (20,000 | ) |
| Cost | 72,608 |
| 130,000 |
| If the investment property had not been revalued it would have been |
| included at the following historical cost: |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Cost | 72,608 | 72,608 |
| Aggregate depreciation | (34,850 | ) | (31,946 | ) |
| The investment property was valued on an open market basis on 31 July 2017 |
| by DM Hall Chartered Surveyors . |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Trade debtors |
| Client ledger debit balances |
| Other debtors | 2,981 | - |
| Directors' loan accounts | 51,247 | 31,386 |
| Tax recoverable |
| Prepayments & accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Bank loans and overdrafts |
| K Ritchie loan |
| Tax |
| PAYE |
| VAT | 82,497 | 64,845 |
| Other creditors |
| Directors' loan accounts | 83,741 | 92,966 |
| Accrued exps & deferred income |
| Within accrued expenses are pension costs of £689 payable at the year end. |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 99,300 | 124,477 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as |
| follows: |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| The Bank of Scotland plc holds 5 standard securities (created on 19 |
| September 2011) and a floating charge over the company's assets (created 15 |
| September 2011) at 31 July 2015. |
| 12. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 August 2016 |
| Investment property | (43,838 | ) |
| At 31 July 2017 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years |
| ended 31 July 2017 and 31 July 2016: |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Advances and repayments during the year have been summarised. The above |
| loans are unsecured, interest free and repayable on demand. |
| Grant Smith Law Practice Limited (Registered number: SC145875) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 14. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £170,000 were paid to the directors . |
| The loans due to directors from the company at the year end were as |
| follows: |
| S E Ritchie - £42,751, S G N Beveridge - £417 and A D Duthie - £40,926. |
| These loans are interest-free, unsecured and repayable on demand. |
| 15. | FIRST YEAR ADOPTION |
| Transitional relief |
| On transition to FRS 102, the company has taken advantage of the following |
| transitional relief: |
| • | to use a previous GAAP revaluation as deemed cost on an item of property, plant and equipment. |
| Grant Smith Law Practice Limited |
| Report of the Accountants to the Directors of |
| Grant Smith Law Practice Limited |
| The following reproduces the text of the report prepared for the directors in |
| respect of the company's annual unaudited financial statements. In accordance |
| with the Companies Act 2006, the company is only required to file a Balance |
| Sheet. Readers are cautioned that the Income Statement and certain other primary |
| statements and the Report of the Directors are not required to be filed with the |
| Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 July 2017 set out on pages three to fifteen and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| This report is made solely to the Board of Directors of the company, as a body, |
| in accordance with the terms of our engagement. Our work has been undertaken |
| solely to prepare for your approval the financial statements of the company and |
| state those matters that we have agreed to state to the Board of Directors of |
| the company, as a body, in this report in accordance with the requirements of |
| the Institute of Financial Accountants. To the fullest extent permitted by law, |
| we do not accept or assume responsibility to anyone other than the company and |
| its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that the company has kept adequate accounting records |
| and to prepare statutory accounts that give a true and fair view of the assets, |
| liabilities and financial position of the company. You consider that the company |
| is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial |
| statements of the company. For this reason, we have not verified the accuracy or |
| completeness of the accounting records or information and explanations you have |
| given to us and we do not, therefore, express any opinion on the statutory |
| financial statements. |
| Victoria House |
| 13 Victoria Street |
| ABERDEEN |
| AB10 1XB |